M&T Bank (NYSE: MTB) now has official approval from New York state to expand its New York City-area retail network.
It received the go-ahead from the state Department of Financial Services to open a branch in Bronx. Scheduled to open this spring, the office will be the first M&T branch in Bronx and the 18th branch in the five boroughs.
Construction is underway. Last month, M&T said it will transform a vacant storefront at 2460 Grand Concourse into a 1,500-square-foot full-service branch.
The office is expected to open this Spring.
Buffalo-based M&T’s presence in the tri-state region grew substantially due to the November 2015 acquisition of Hudson City Bancorp, Inc. in New Jersey. The deal added nearly 200 branches to M&T’s footprint, which includes New York, New Jersey, Connecticut, Pennsylvania, Delaware, Maryland, Virginia, West Virginia and Washington, DC.